Pure Salmon expands its reach in Europe, with a new land-based salmon farm in France

Press Release Pure salmon 17th January 2020

New €175million facility to be built in Boulogne-Sur-Mer, to generate 10,000 tons per
annum and provide 160 permanent new jobs to the local region.

Today, at the Choose France Summit, taking place at the Château of Versailles and hosted by French
President, Emmanuel Macron – Pure Salmon, the land-based salmon farming company, has
announced a new 10,000 tons per annum Recirculating Aquaculture System (RAS) facility to be
built in Boulogne-Sur-Mer, in the Hauts-de-France Region in the north of the country. Pure Salmon
France will be the largest salmon RAS facility in the European Union.

The new facility will represent an investment of approximately €175million (US$197m) and will
create over 160 permanent jobs within the local community. The project has received significant
support from the French government at local, regional and national levels, including grants and
other financial support, as well as administrative assistance.

Pure Salmon produces a clean, healthy and fresher salmon that is grown in an environmentally
friendly manner that protects marine ecosystems and constantly recycles the water it uses. The new
state-of-the-art RAS facility will be fully integrated from hatchery and grow-out to processing and
smoking. Construction of the site is expected to commence in Q4 2020, with the first harvest of
market-size salmon expected in 2023.

As France is amongst the largest consumers of salmon in the world, it was a natural choice for Pure
Salmon’s second site in Europe as it supports the company’s ‘local production for local consumption’
model. As such, the fish will be sold primarily to the French market in a variety of forms including
smoked salmon and fillets.

Boulogne-Sur-Mer presents an ideal location for a number of reasons, not just because it is a major
fishing, seafood processing and trading port but also because the site has extensive transport links to
the rest of France and its neighbouring countries, ensuring a potential market of 80 million
consumers within a 300km radius. The site location is close to the main A16 route inland and to the
Eurotunnel.

Secondly, Boulogne-Sur-Mer is the leading fish processing and distributing centre in Europe,
providing a strong network of support businesses, infrastructure and logistics, with specialised
workforce and training facilities.

Finally, the city is also home to Nausicaá, Europe’s largest public aquarium as well as a major marine
research and conservation centre.

Stephane Farouze, Board Director of Pure Salmon and Chairman and Founder of 8F Asset
Management, commented:
“We have chosen France over other European countries because of its long reputation for producing
exceptionally high-quality food, the large salmon consumer base and also for the support and
assistance we have received from all levels of government in France”.

Didier Guillaume, French Minister of Agriculture and Food, commented:
“The Pure Salmon France land-based salmon facility in Boulogne-Sur-Mer leads to a significant
increase in fish production in France. It is in line with the European Commission’s objectives to develop
sustainable aquaculture and thereby reduce the European Union’s dependence on imports. This large
scale project is therefore also fully aligned with the policies I have been implementing in favour of
further developing the aquaculture industry in France.”

Xavier Bertrand, President of the Hauts de France Region, said:
“The Hauts de France Region has made work and jobs its priority, by supporting people who are
working and looking for a job, and by supporting entrepreneurs who create jobs. We are here to
support the 8F fund which chose to invest in Hauts-de-France, and more particularly in Boulogne-Sur-
Mer! This choice allows us to position ourselves on this innovative, sustainable technology, to further
complement the internationally recognized expertise and excellence of Boulogne regarding seafood.”

Frédéric Cuvillier, Former Minister, Mayor of Boulogne-Sur-Mer, and President of the Boulogne
Urban Community, said:
“It is with great satisfaction that I welcome the prospect of seeing a major sustainable and
environmentally friendly aquaculture project being established in Boulogne-Sur-Mer. Boulogne-Sur-
Mer, the leading European centre seafood processing, brings together the assets and players in the
fisheries, agri-food and logistics industries that are key to the success of such a project.
Boulogne-Sur-Mer wishes to be part of the response to the problems of scarcity of fishery resources,
and to overcome the major challenges of sustainability, especially through food production methods
that are respectful of the environment. »

Pure Salmon started producing its first salmon at its RAS facility in Poland in 2018, which recently
received its ASC (Aquaculture Stewardship Council) certification. At full capacity, the site produces
450 tons per annum. In addition to its facility in Poland and this second location in Europe, Pure
Salmon has announced a number of other locations across the globe including Japan, America and
China which will contribute to Pure Salmon’s goal to produce 260,000 tons of salmon per annum, all
free from antibiotics, pesticides, hormones and microplastics.

Each Pure Salmon farm uses Recirculating Aquaculture System (RAS) technology, a proven and
scalable method of aquaculture, provided by Pure Salmon’s technology partner AquaMaof
Aquaculture Technologies, that sees the fish reared in the healthiest living conditions possible, that
closely replicate the positive qualities of their natural environment, while significantly lowering the
cost of production compared to traditional sea-cage farming.

For more information on Pure Salmon, please visit: www.pure-salmon.com

For all media enquiries, please email: puresalmon@speedcomms.com

Notes to Editors
● The Pure Salmon brand represents a socially responsible choice for consumer health, the
environment and the economy.
● With 90% of world marine fisheries overfished or fully fished1, Pure Salmon will help solve the
global fish shortage by producing locally sourced, sustainable fish in a controlled, traceable
environment.
● Pure Salmon is free of any antibiotics, pesticides, hormones and microplastics.
● As the fish is produced near to where it will be consumed, carbon emissions are kept low with
reduced transportation. There is also reduced wastage thanks to a longer product shelf life.
● Pure Salmon is one of the world’s fastest growing Atlantic salmon companies and is on its way to
become the world leader of sustainable salmon production, with target production of 260,000
tons per annum in facilities around the world.
● 8F Asset Management Pte. Ltd. is headquartered and regulated in Singapore. It has group offices
in London, Frankfurt and Hong Kong.
● Being a founding signatory to the Blue Economy Finance Principles (initiated by the WWF, the EU
Commission, the EIB and the World Resources Institute), 8F believes that expanding land-based
RAS facilities is the only way to relieve our oceans from the enormous pressures they are under
and reduce the negative impact on marine ecosystems.
● Pure Salmon’s first facility, owned by 50% by AquaMaof Aquaculture Technologies, is already
fully operational in Poland and serves as a proof-of-concept, research & development centre and
training hub for the company.
1 UN Food and Agriculture Organisation (FAO), 2018